Monzo tops banking satisfaction survey

The Competition and Markets Authority (CMA) has published its latest banking satisfaction survey, revealing that Monzo ranks first among personal current account providers in Britain and Northern Ireland.

Challenger banks continue to lead the way in the latest set of banking satisfaction, while traditional banks generally scored lower than their digital rivals.

Introduced by the CMA as part of its Retail Banking Order, the banking satisfaction survey is an annual review conducted by independent research companies Ipsos and BVA-BDRC.

The large-scale survey ranks the service quality of personal and business current account providers in Great Britain and Northern Ireland. It is designed to highlight how banks are serving their customers and scores them on a range of banking services – such as online and mobile banking, overdrafts, and in-store experience. For small business customers, it also considers the role and service provided by their account manager.

There is one new entrant in this year’s survey: Mettle, a new online business current account provider from NatWest for sole traders and companies of up to two owners.

Daniel Turnbull, Senior Director of Markets at the CMA, said “This data puts power into customers’ hands. Whether it’s for a personal or business account, people can see how their bank fares against others – and stay or switch, according to their needs. It also puts pressure on banks to listen to feedback and think about whether the services they provide are really working for customers.”

Great Britain: Personal current account providers top 3: